Indian steel giant Tata Steel is planning to keep its Port Talbot plant in South Wales, the UK’s biggest steelworks, fully operational, a media report said on Tuesday.
Tata Steel is exploring a joint venture with Germany’s ThyssenKrupp and one of the options would have meant job losses at the plant employing around 4,000 as a result of shutting down of one of two blast furnaces on the site.
According to ‘The Times’, it is believed the Tata Group plans to explore keeping both furnaces open and staff employed into the next decade.
“We are seeking a positive future for the UK business and during discussions with the trade unions we made substantial future assurances to achieve this,” a Tata Steel statement said.
The latest report comes amid weekend speculation that the steel workers’ union leaders have presented their Tata bosses with concessions on staff terms and conditions to keep Britain’s steel-making asset fully operational.